AK Alrosa OAO and Endiama Form JV for Exploration in Angola-Interfax

Friday, 21 Jun 2013 02:42am EDT

Interfax reported that AK Alrosa OAO (Alrosa) and Angolan diamond mining company Endiama E.P. have signed an agreement to form a joint venture (JV) for prospecting and exploration of diamond deposits in Angola. The agreement was signed by Endiama president Mr. Antonio Carlos Sumbula and Alrosa president Mr. Fyodor Andreyev on June 20. At the initial stage, Alrosa estimates it will invest $10 million-$20 million, which will be spend on exploration of deposits in the African country.